Obama: consumer protection ‘held hostage’ by GOP

A more combative attitude would have been better during the Elizabeth Warren days but it doesn’t hurt that Obama is fighting for something now. Everyone knows that the Republicans are soft on Wall Street abuse so more Democrats should be pressuring the GOP on this issue.

The White House charged on Thursday that the nomination of President Barack Obama’s choice to head a new consumer financial protection agency was being “held hostage” by Republicans as it sought to tap into public anger at Wall Street excess.

Trying to ratchet up pressure on Republicans who have blocked Richard Cordray’s Senate confirmation, administration officials insisted Americans would be denied full safeguards against abusive business practices until he is in place as director of the Consumer Financial Protection Bureau.

Obama and his aides have struck an increasingly populist tone as he steps up his 2012 re-election campaign against the backdrop of protests against corporate greed and economic inequality that began weeks ago in New York and have spread to other cities.

Chris in Paris
An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.